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After a 2.3% drop in sales of his eponymous company in the first quarter of 2020 due to the coronavirus crisis, Brunello Cucinelli is pinning all his hopes on the future. On the eve of his retirement, the Italian entrepreneurial magnate is looking forward to a decent handover of power. He has just completed his strategic succession plan, handing over the reins of his company to Luca Lisandroni – former CEO of Luxottica – and Riccardo Stefanelli, his son-in-law. A solid replacement plan that is a guarantee of success for the Italian luxury house he founded in 1978.
While the financial results of Brunello Cucinelli S.p.A. have been very favourable for the year 2019, with net sales of 607.8 million euros, up 9.9% compared to 553 million euros in 2018, the Italian luxury fashion brand, which was hit hard by the Covid-19 pandemic, is now feeling the pinch.
According to data published at the beginning of April, the Italian company closed the first quarter of the year with sales down by 2.3% at current exchange rates to 156.7 million euros.
This was an opportunity for Brunello Cucinelli to take a step back in the management of his company and to finally implement his succession strategy.
An anticipated departure … and a successful handover
The Italian entrepreneur had prepared his departure for a long time and thoughtfully considered the conditions of his departure.
Already in 2014, a Brunello Cucinelli trust had been set up to ensure, as part of a generational transmission, that the business initiatives launched by Brunello Cucinelli would be transferred to their descendants in the future, and thus potentially to his daughters Camilla and Carolina Cucinelli.
This has been said and done: in 2016, Brunello Cucinelli named as co-CEO Riccardo Stefanelli, aged 39, who is none other than the husband of his eldest daughter Camilla and who has been working with the company since 2006 after having investigated the brand’s network of agencies, while at the same time integrating Camilla Cucinelli and Carolina Cucinelli among the members of the company’s board of directors.
If he wanted to make succession rhyme with transmission, the Italian entrepreneur also wanted to invest in solid values, so he also appointed Luca Lisandroni, 41, previously head of the Brazilian branch of the Luxottica eyewear group, as the second co-CEO working at his side.
A strategic succession plan that was finally approved by the company’s Board of Directors on Thursday, May 21st. While confirming his role as executive chairman and creative director of the luxury company that bears his name, Brunello Cucinelli has thus passed the baton to Riccardo Stefanelli and Luca Lisandroni.
He therefore remains Chairman and Managing Director of the holding company Fedone S.r.l., which holds 51% of the share capital, but will in future delegate the markets sector to Lisandroni and the products and operations sector to Stefanelli.
The 66-year-old founder of the brand is therefore officially retiring and leaving the management to his two successors after four decades of reign.
Brunello Cucinelli, a humanist manager
While an important chapter is closing for Brunello Cucinelli, the entrepreneur will continue to “be the guardian of the brand” and to embody his humanistic values.
“It is with great emotion and hope that I look at the future of mankind and our industry. I envisage that these two young men in their 40s, individuals of huge professional value and in love with the great universal concepts of truth, beauty and humanity, will be able to lead the enterprise for a long time as examples of guardianship for future generations.” he said just after the approval of the succession plan.
Respectful of the moral and economic dignity of man, Brunello Cucinelli has always been attentive to the well-being of his employees, those who, every day, devote themselves to the growth of his brand. Since 2016, he has granted them a cultural bonus, a voucher to spend on visiting exhibitions, going to the theatre and cinema or buying books.
In parallel with his fashion collections, in 2013 he launched the “L’École des arts et métiers de Solomeo” project in order to preserve and transmit the concrete value of craftsmanship.
Exceptional know-how coupled with a philanthropic vision: the Made in Italy genius wanted to embellish humanity all at once.
This is also the purpose of the Brunello and Federica Cucinelli Foundation, born from the principle that “beauty will save the world“: three parks in the valley at the foot of the village of Solomeo (Parco agrario, Parco dell’Oratorio Laico and Parco dell’industria), aim at recovering the territory.
King of Italian Cashmere, entrepreneur and philosopher, Brunello Cucinelli withdraws but bequeaths to his successors noble values and the mission of establishing a capitalism that can “embellish humanity“.
Read also > Brunello Cucinelli will miss 2020 targets because of Covid-19
Featured photo : © Fabio Massimo Aceto
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After a 2.3% drop in sales of his eponymous company in the first quarter of 2020 due to the coronavirus crisis, Brunello Cucinelli is pinning all his hopes on the future. On the eve of his retirement, the Italian entrepreneurial magnate is looking forward to a decent handover of power. He has just completed his strategic succession plan, handing over the reins of his company to Luca Lisandroni – former CEO of Luxottica – and Riccardo Stefanelli, his son-in-law. A solid replacement plan that is a guarantee of success for the Italian luxury house he founded in 1978.
While the financial results of Brunello Cucinelli S.p.A. have been very favourable for the year 2019, with net sales of 607.8 million euros, up 9.9% compared to 553 million euros in 2018, the Italian luxury fashion brand, which was hit hard by the Covid-19 pandemic, is now feeling the pinch.
According to data published at the beginning of April, the Italian company closed the first quarter of the year with sales down by 2.3% at current exchange rates to 156.7 million euros.
This was an opportunity for Brunello Cucinelli to take a step back in the management of his company and to finally implement his succession strategy.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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After a 2.3% drop in sales of his eponymous company in the first quarter of 2020 due to the coronavirus crisis, Brunello Cucinelli is pinning all his hopes on the future. On the eve of his retirement, the Italian entrepreneurial magnate is looking forward to a decent handover of power. He has just completed his strategic succession plan, handing over the reins of his company to Luca Lisandroni – former CEO of Luxottica – and Riccardo Stefanelli, his son-in-law. A solid replacement plan that is a guarantee of success for the Italian luxury house he founded in 1978.
While the financial results of Brunello Cucinelli S.p.A. have been very favourable for the year 2019, with net sales of 607.8 million euros, up 9.9% compared to 553 million euros in 2018, the Italian luxury fashion brand, which was hit hard by the Covid-19 pandemic, is now feeling the pinch.
According to data published at the beginning of April, the Italian company closed the first quarter of the year with sales down by 2.3% at current exchange rates to 156.7 million euros.
This was an opportunity for Brunello Cucinelli to take a step back in the management of his company and to finally implement his succession strategy.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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